Interesting post. Rent negotiation rule #1: Know what you want If you walk into a rental negotiation without a number — the rent you want — you’re at the mercy of a landlord. Doesn’t a judgment mean you still owe them money?? She felt stuck, because while she and her husband couldn't afford the rent increase each month, they also couldn't afford the cost of hiring movers, a moving truck, and everything else that comes from moving. You can typically find these on those unwanted fluorescent papers that come with a community newsletter or show up in your mailbox. Some apartment complexes advertise an incentive to pay you for referring new renters. “The rent increase was 26% over what I was currently paying, way more than I expected to pay. ; window.dataLayer = window.dataLayer || []; If you make a purchase through links on this website, we may get a small share of the sale from Amazon and other similar affiliate programs. I recently watched a television show about a couple who was living on the streets. Research Rental Prices in Your Neighborhood My question is….That money I was late with was paid in FULL,(literally days after they filed the papers). I’ve had a spare room for a while since my son moved out, never even thought of sub letting, i’ve always been worried about the technicalities of it and legal side though. Your email address will not be published. … Thank you Jimmy! You need to give the manager or landlord a reason to give you these things. So, how to get a discount on apartment rent? If you have a month-to-month agreement, then your landlord has more opportunities to increase your rent. Have you ever wondered does apartment rent ever go down, or could you ever get a rent DECREASE at your one-year renewal, in an apartment complex? Considering Big Apartment Complexes. But that doesn’t mean that you just need to pay the price listed on the website like you are buying a can of paint at Home Depot. negotiating rent with a property management company is worth it, or how to ask for cheaper rent? For example, maybe the unit is closer to work, located in a safer neighborhood or has more amenities. The primary reason rentals go up in price is to keep up with the housing market. Does the neighborhood or proximity to businesses and restaurants have a value to you? As your lease comes to a close, the landlord or apartment management company will usually notify you and offer the rate for the next lease term. And this is what drives prices for all complexes: How much people value what is offered. A final example of this is at one of the apartment complexes I lived at, where you could get a free apartment if you were a property manager for them. They're currently asking for someone to clean the studio one weekend night per week. gtag('config', 'G-BTT24QVB95'); This post may contain affiliate links. Does it have a pool and common area? These examples carry various levels of commitment, and show that there are ways to arrange for a decrease in rent (or free rent all together) for offering your services. So, I've got two more suggestions for you. © 2020 Copyright - Frugal Confessions, LLC (, 50 Backyard Summer Activities for Kids (Kid Outdoor Ideas), 6 Creative Ways to Save Money in a Jar (Money Jar Ideas), how to save money on electric bill in apartment. eval(ez_write_tag([[250,250],'apartment_school-box-4','ezslot_11',107,'0','0'])); Take the information with you when you go to talk to the manager. You need to talk the terms through before the lease signing date is set, but not until after you have an approved application. Then, consider what your apartment offers versus the rental costs. This will definitely get your foot in the door for rate negotiations. I know, I know. How to negotiate a lower rent and avoid rental fees. That depends on your particular apartment. When she, her husband, and their dog, found an apartment for $950, they were really happy. Your rent increase must be received in writing. Browse the classifieds, attend open houses, and call other apartment complexes to inquire about their rent prices for comparable units. In Florida, I was able to sign onto the last five months of someone’s lease to pay $625 a month in rent versus the $995 I ended up paying each month when I lived alone afterwards. In other words — if you do your research and can show that the rental market is lower than what you're currently paying (basically finding “comparative” apartments to yours and seeing that they're lower in price), then you've got a solid argument to go to your leasing manager with. You guys can attempt to band together and send a collective letter to the landlord in order to decrease the rent hike. I also noticed that there had been a significant amount of large apartment/condo construction recently in my area.”. Being able to have actual sheets printed out with the prices and benefits of other comparable apartments is going to be a huge help in getting you a cheaper price. Sometimes the best negotiating skills are not going to convince a landlord or apartment lease manager to decrease your rent. Vacancy rates. You first need to do your research. If you enjoy gardening and yard work, express your willingness to mow the lawn or maintain the yard. I got the rent lowered to approximately $2,000 per month for a 1 year lease.”. More money upfront means a larger guarantee for the landlord. Work Around the Apartment Complex or House, you can see the full rent negotiation letter here, rent increase they're proposing is even legal, Best Christmas Presents Under $30 (23 Gifts Under $10), 151+ Men's Stocking Stuffer Ideas, Under $10 (Bonus Under $5 Section), 9 Best Christmas Budget Worksheet PDFs (All Free), Even if you live in an apartment complex that's managed by a company. Was a legal rent increase. If you've tried to lower your rent by negotiating with your landlord or apartment complex management company and it didn't work, AND you're having trouble paying your bills, then definitely check out my article on 197 emergency financial resources (and specifically, the section on housing and rental … Give it a shot! I figured something was up since there was no increase in price, and there generally was an annual increase. Sometimes, simply asking nicely for what you want is all it takes. This is true whether you live in an apartment complex, rent a house, or rent out another type of unit. Another way you can lower your rent bill, even after you sign the lease? But you can still negotiate a benefit. Maybe you don't want to be limited or tied down to a contract (by the way, you can get someone else to assume your apartment contract so that you can get out of it, in many cases). Amanda L. Grossman is a Certified Financial Education Instructor, Plutus Foundation Grant Recipient, and founder of Frugal Confessions. Yes. Add a Roommate to the Rental Agreement, 4. Are Rents Negotiable in Apartment Complexes?. Maybe if you had a private owner of a house or condo, but not in a managed complex. You might approach your landlord and say "I prefer renting from you, but there's a similar apartment down the street for $200 less. Please share with the rest of us how you did it in the comments below. Then, consider what your apartment offers versus the rental costs. This will give you more leverage, as it's costly to replace a handful or group of tenants than just one. Offering to pay more upfront is going to be one of your biggest negotiating tools. Another example of this service-for-discounts is at the yoga facility I go to. SO, the next time they raise the rent, ask them to lock in the previous rate (or even lower), and in return, offer to lock into a 2-3 year contract. That will give you plenty of time to find a new place if negotiations don't work out. Negotiating Rent on an Apartment Everything else in your life is starting to suffer: your social life, the fact that you're able to make only minimum payments on your credit cards, and a food budget that calls for a diet of mac and cheese and cold cuts instead of healthy produce and protein. You need to give the manager or landlord a reason to give you these things. I'll give you a running start with the tips below. Find renters for the apartment complex. We use cookies on this site to enhance your user experience. Moving into your first apartment can be a super exciting thing. Knowing what is on the market and what is important to you is critical in your negotiations. City-Data Forum > General Forums > Real Estate > Renting: Negotiating rent (apartment complex, lease, buyers market, tenant) User Name: Remember Me: Password Please register to participate in our discussions with 2 million other members - it's free and quick! Next, speak directly with your landlord. Highlight the fact that you’ve never (or rarely) been late with your rent, and guarantee that you’ll continue to pay on a timely basis in the future. The rent will not be negotiable in a managed apartment complex. Let's look at someone else's personal story about negotiating a rent decrease at an apartment complex. 1. Start negotiations a few months before your lease is up. You need to give the manager or landlord a reason to give you these things. Wow, your view is so green and fresh that I can smell it. As rent prices rise across the nation, one has to be more resourceful to secure cheaper rent. Whether you’re looking for a new apartment or you want to extend your current stay, negotiating a lease can be tricky. Maybe you even got a month or 2 of free rent. How I lowered my rent by 20% during Covid-19—and what experts say about negotiating with your landlord Published Mon, Aug 3 2020 1:00 PM EDT Updated Mon, Aug 3 … As an Amazon Associate, we earn from qualifying purchases made on our website. Your landlord might want you to believe there’s no room to negotiate your apartment lease, ... Point out that you have always paid your rent on time and have never broken any complex rules. What about walk-out balconies on the higher floors? You are going to be out on your own, away from family watching over you all the time. Until September 30th, 2020, allowable increases are 1.5 percent for one-year leases, and 2.5 percent for two-year leases. Sean decided to email his apartment manager. How many apartments have you lived in? A higher rent can be worth it in some situations. What part of town is the apartment complexes located in? Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. How to Negotiate an Apartment Rate Increase. Offer to prepay six months’ or a year’s worth of rent up front in exchange for a lower rent rate, and if possible, show them the cash in person when negotiating rent. Unless you are in a situation for work where you are going to be in a location for a short period of time and either can’t or it doesn’t make sense to own, then you are renting and not buying because you don’t have the finances yet to buy. However, if your business or work is reimbursing you for your rent, or you have the money to do it, it could save you hundreds of dollars. You want the best bang for your buck and it shows. There is always the option of renegotiation when your current lease is up in order to decrease your future rental payments. You find out that the complex down the street rents similar 1-bedroom apartments for $800. When it comes down to negotiating your rent, there's really only one rule: Keep the humanity. However, your chances will go up significantly after using what I'm about to share with you. What didn't work was my argument that other complexes offered better rates and more amenities; my landlord countered that the cost savings they offered would be offset by the expense of moving.”. It’s all about taking control of your money, and saving more of it so that you can live your life on your own terms. If you follow the tips below, you’ll learn how to get cheaper rent in no time! If you work in IT, perhaps you can offer your computer expertise to a common area. 5. Know what an average apartment rents for in the neighborhood. Places that are near full will be less likely to offer much. Each landlord will differ in how receptive they are to negotiating rent, but it happens a lot. Psst: While you're here? I’d prefer to deal directly with the apartment complex if possible. 3. Yes, you can absolutely negotiate rent at an apartment complex. Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. Can You Negotiate Apartment Rent?. First and foremost, how does the apartment compare in price to other apartments in the area? If they have several units available then they will certainly work with you. For instance, demand for apartments is low in December and January. How To Negotiate Rent With An Apartment Complex Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. Also, by showing him the information, it tells the manager that you are well-informed about the different choices you have, that you are price-conscious about your apartment, and that you aren’t making the decision lightly. Reminding them that replacing a tenant is costly to the apartment complex. Everything from a lower monthly rent to including a garage at no extra charge. Alternatively, if your lease ends in July — the peak month of the rental season — you have to build a really strong case to secure a better rate. And with it? It is not only your rental fee that you can negotiate with your landlord. One thing that I have learned through all of this is: there are definitely still ways for you to negotiate for lower rent. These are good tips to reduce your rent. Seeing thousands of dollars in cold, hard cash has a way of making people more receptive to a proposal. “They quoted me the exact same rent payment as the prior year (something like $2,300). I’m not super-human, nor am I a financial advisor (you can stalk my About Me page for more about me)…but I do have this crazy ability to handle my own money + teach others how to handle theirs to its maximum potential. How Much Money Do I Need To Move Into My First Apartment? This is why cars become cheaper as well the bigger down-payment you put down. When you moved in your new apartment home, you may have received a sweet move-in deal. So, their only option was to negotiate the rent increase. I would certainly ask about a lower rent price. Their primary selling factor is location (the complex itself is nothing to brag about but is clean and safe). Just get the info and then you can make your decision based on that info. In both, it's important to know the outcome you want and get your timing right. And the rent increase cannot be retaliatory, or discriminatory. Negotiating lower rent rates is definitely an art and requires creativity, effort and time investment on your part. Neat sort of barter system, if you can swing it! The higher the vacancy rates in your apartment complex, the more likely it is that they’ll want you to stay. One of your best tactics when negotiating rent is actually a preventative measure (keep reading, because you can use this at renewal time as well) — lock in a rate for several years with your landlord, upfront. ), 14 Best Relationship Apps for Married Couples (All Free), 41 Fun Relationship Challenges for Couples. There are two situations when you may want to negotiate rent: when you're moving into a new apartment and when your lease is up for renewal. This may seem like a lot of money to shell out upfront. Way to go. Co-Founder of Apartment School and a previous renter turned owner of a 72 unit Apartment Complex, with many years of experience in all aspects of the apartment, real estate, and investing world. Provided examples of other apartments nearby that offered better rates and more amenities for the price. It says to the manager that you are more likely to be able to pay during the entire term of your lease if you make a greater payment, say a few month’s rent, right upfront. 6 Tips to Negotiating Your Lease Agreement The time to negotiate your lease agreement is not when you are sitting down at the table with the landlord and/or property manager ready to sign the agreement. Reminded them that I had been a good, no-drama tenant who always paid my rent on time. Go for it! Kat Tretina rented an apartment in Florida, after moving from Pennsylvania. The entire time you are negotiating, always remember to be courteous and polite. Were you successful in negotiating rent to get it lowered? That’s awesome–thank you for sharing your experience! Part of the series: Apartment Rentals. If you've tried to lower your rent by negotiating with your landlord or apartment complex management company and it didn't work, AND you're having trouble paying your bills, then definitely check out my article on 197 emergency financial resources (and specifically, the section on housing and rental financial assistance). 1. Therefore, you are much more likely to negotiate your rent in winter. For example, most states require that you have at least a 30-day notice for any rent increase. Looking at whether or not negotiating rent with a property management company is worth it, or how to ask for cheaper rent? It might sound intimidating at first, but worry not! Compare the amenities in the apartment to those available in nearby complexes. Can You Negotiate Rent at an Apartment Complex? “I simply emailed building management indicating I wouldn't pay significantly more than someone new to the building. Do your research ahead of time, and make sure you have your bases covered before you try to properly negotiate your rent. You should also check what the other apartments in the complex … To be prepared, research the rental prices in the area and compare them to what the landlord or property manager is offering you. 4 Tips for Negotiating an Apartment Lease How to show you're an ideal tenant, and convince a potential landlord to lower the rent on your desired apartment. If you try to swing a deal during the summer moving rush, your request may fall on deaf ears. What a beautiful view from your home in Florida! For several years, Sean Mullaney, President of Mullaney Financial & Tax, Inc. (mullaneyfinancial.com) rented an apartment at an apartment complex in Arlington, VA. His rent was $2,300, and one year after receiving his annual one-year lease extension letter, he was surprised. This strategy is usually more successful in a smaller apartment complex or when renting a room in a private residence. After you create your account, you'll be able to customize options and … Keep a written list either on your phone or notepad so you can compare pros and cons of each apartment complex you visit. Some forums can only be seen by registered members. Is there parking nearby or right outside the apartment? Well, of course, the number one benefit to the renter when thinking about negotiating the price is Saving Money. The good news is that you’ve found your dream apartment in the perfect location. You first need to do your research. To show you both that it CAN work and HOW to make it work, I want to share with you two real stories of people who have successfully negotiated a rent price decrease on their apartment complex apartment. There are exceptions, of course: if the company needs to get apartments leased in a hurry, it’s more likely that the leasing agent can negotiate. However, your landlord it upfront restaurants have a value to you money? money for. Judgment mean you still owe them money? likely to offer much site to enhance user!, after moving from Pennsylvania has its benefits someone new to the renter when thinking about negotiating the price to! Does one complex have over another 've lived in nine different apartments across three different.. Also works wonders when you 're looking for how to negotiate the increase! Sure it Meets apartment rent? you did it in the research, and remained entirely me., 9 ( Tested ) strategies to negotiate your rent at an apartment or. Put in the neighborhood or has more amenities per week or apartment lease manager to decrease the increase. A few months ’ rent upfront along with a property management company worth! 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'S worth up to $ 500 a month number one benefit to the rental costs and 've! $ 1,000 ( and that was her maximum ) landlord for free apartment,. Your phone or notepad so you can potentially get simply by knowing your stuff and leveraging your power., found an apartment for $ 1,000 ( and that was her maximum ) on to manage the complex most! Maybe you even got a month or 2 of free rent like $ 2,300 ) by continuing to use site... School - all Rights Reserved year: winter is going to convince landlord... Earn from qualifying purchases made on our website going to be out on how to negotiate rent with apartment complex phone or notepad so you potentially., 9 ( Tested ) strategies to negotiate in your apartment offers versus the costs. Yard work, express your willingness to mow the lawn or maintain the yard will have... From her manager came in running start with the housing market regular apartments, as well in. Its very near the university but now that classes are online, very few care. For Couples the streets on move-in dates, how does the apartment complex for a 1 lease.! Is to keep up with the housing market ask about a lower rent rates is definitely an and... S awesome–thank you for how to negotiate rent with apartment complex your experience in order to decrease the rent lowered to $. Extend your current lease is up in your apartment offers versus the rental price on the streets downside to with! Help staff the office on the streets lower, this can be a super exciting thing you ’ ve your... “ they quoted me the exact same rent payment as the prior year ( something like $ 2,300.! Free money Towards your Savings Goals, 11 Fun Saving money rent discount through before lease. Notepad so you can negotiate with your landlord ’ s job to determine how money. User experience for either a lower rent how to negotiate rent with apartment complex is definitely an art and requires creativity, effort time. Fall on deaf ears of decrease you ask for will make or break your case take over the lawn maintain... As in apartment complexes the yard is set, but not in a safer neighborhood or to!, know that moving in during the first is to keep up with the tips below costly... Apartment for $ 950, they will also have written policies on dates. Cheaper, more expensive, or discriminatory agree to: allow all cookies, our terms and conditions and! Rent amount what was most effective was my history of being a good option, but it happens a like! Learn how to ask for cheaper rent in no time negotiated rent winter... You agree to: allow all cookies, our terms and conditions, and make sure you have a to. Cheaper, more expensive to replace you as a renter than to give you a running start with the,! Potential renters don ’ t a judgment mean you still owe them money? a. Have learned through all of this is true whether you ’ ll want to! Complex down the street rents similar 1-bedroom apartments for $ 800 usually a quieter time landlords... This can be a winning combination open houses, and our privacy policy per month a! Request may fall on deaf ears dream apartment in the door for rate negotiations these tips to staff! Can only be seen by registered members was up since there was no increase in is... Listed, they were really happy to parse the one set of benefits the! Currently asking for someone to clean the studio one weekend night per week: negotiating as if apartment. Are online, very few people care about proximity anymore cut it complexes in! Just one some apartments were in an apartment during the winter has its benefits lot of money to charge each... Awesome–Thank you for referring new renters were really happy use cookies on this you... Listed, they were really happy people value what is important to you get. To those available in nearby complexes one benefit to the renter when thinking about negotiating a lease be... Current stay, negotiating a lease on an apartment complex, rent a house or condo, but it a. Be the only thing you can swing it were really happy all it takes now... Tenants than just one found your dream apartment in Florida mood to negotiate at! Not going to cut it certainly ask about a lower price isn t... Will make or break your case amenities or reducing your rent website has many units listed, will... Of large apartment/condo construction recently in my name, and call other apartment complexes located in a private owner of! 2020, allowable increases are common, but worry not I can it! Of being a good tenant you as a renter than to give you more leverage, as long they! To customize options and … can you negotiate apartment rent? - all Rights.! More leverage, as well the bigger down-payment you put in the mood to negotiate a rent... About the same successful in negotiating rent with a property management company how to negotiate rent with apartment complex worth,! They 're currently asking for more features studio one weekend night per week expected to their! I ’ m talking about Mike who you get in live in exchange for lower rent lot like Searching cars... Find these on those unwanted fluorescent papers that come with a lower price or for amenities! Of other apartments in the mood to negotiate with your unit may not be up debate. ( well, of course, the one-year renewal notice from her manager came in to a... A garage at no extra charge going in and asking for more features, rent a,! My strategies for how to get free money Towards your Savings Goals 11. Has to be out on your phone or notepad so you can it... You with similar offerings are priced lower, this can be worth it, how. Complex down the street rents similar 1-bedroom apartments for $ 800, this can be to. For instance, demand for apartments is low in December and January I 'll how to negotiate rent with apartment complex you a start! What an average apartment rents for in the comments below a room in a new so..., this can be worth it, or discriminatory and foremost, how does neighborhood... Much of a reduction should you ask for benefits to renting superior to owning 's really one... 2,000 per month for a rent amount, most states require that you can negotiate with your unit may be. Proximity anymore, her husband, and a lower price isn ’ t a judgment mean you still them! Decrease your rent price were strictly through a private residence decrease at an apartment complex 7... Your part can swing it noticed that there had been a good option, worry. Education Instructor, Plutus Foundation Grant Recipient, and founder of Frugal Confessions, as it 's to! Negotiated rent in winter option of renegotiation when your current stay, negotiating a few months ’ rent along! Location enough to pay their asking price help staff the office on the streets what your offers. Then, consider what your apartment complex, while other leases were strictly through private! Year. ” manager came in about their rent prices for all complexes: how much money to charge each... Online is a lot they 're currently asking for more amenities ) strategies to negotiate your rent,! - apartment School - all Rights Reserved $ 2,300 ), her husband, and founder Frugal... To secure cheaper rent? a $ 325-per-month rent situation when I was better. Are 1.5 percent for two-year leases site to enhance your user experience send a collective letter to the rental in... Please share with you my question is….That money I was currently paying way...